XRP Could Fall 20%, Says Trader Accusing Ripple of Manipulating Market
Peter Brandt joins critics of the third-largest altcoin, which currently trades at two-year lows against Bitcoin.
Altcoin XRP has received fresh claims its price is artificially high as a well-known cryptocurrency trader warns of serious losses.
Brandt: Ripple manipulated XRP for years
XRP had dropped to its lowest level against Bitcoin (BTC) in over two years, while XRP/USD circled 11-month lows.
For Brandt, however, even current levels of $0.26 are the result of manual intervention on the part of Ripple, and not natural market forces. Should the practice ultimately fail, the token could shed another 20%.
“Will Ripple be able to manipulate the market to keep $XRP above .2400? A serious breakdown at this level, and .020725 is in the cards,” he wrote in comments accompanying an XRP/USD price chart.
When challenged about his use of language, Brandt defended himself, referencing recent sell-offs by Ripple executives as proof markets were being strategically managed. Separate data had shown Ripple sol